(RTTNews) – Indian shares look set to open a tad lower on Friday after two days of gains and amid weakness elsewhere across Asia, as traders evaluate risks from the Omicron virus strain and the Fed’s sudden shift toward an early end to tapering.
Benchmark indexes Sensex and the Nifty jumped around 1.4 percent each on Thursday to hit a one-week high, as falling oil prices and strong domestic macroeconomic data helped outweigh weak cues from global markets. The rupee slipped 12 paise to close at 75.03 against the dollar.
Asian markets were mostly lower this morning, the dollar edged higher and Treasury yields pared a climb after Fed officials laid out the case for a quicker reduction in stimulus to tackle high inflation.
Gold headed for a weekly fall, while oil extended overnight gains after OPEC+ agreed to stick to their existing policy of monthly oil output increases but left room for quick adjustments.
U.S. stocks advanced overnight to snap a two-day losing streak. The Dow climbed 1.8 percent, the S&P 500 gained 1.4 percent and the tech-heavy Nasdaq Composite rose 0.8 percent as the Biden administration unveiled its plan for battling Covid-19 this winter.
European markets fell on Thursday amid fears around the Omicron coronavirus variant and warnings about inflation and interest rates from major central banks.
The pan-European Stoxx Europe 600 index declined 1.2 percent. The German DAX lost 1.4 percent, France’s CAC 40 index shed 1.3 percent and the U.K.’s FTSE 100 dropped 0.6 percent.